A series 66 license from NASAA’s point of view will allow you to become registered as both an investment adviser representative and as a registered representative of a broker dealer. This license will allow you to represent an investment advisory firm offering advice to clients regarding the purchase and sale of securities, the value of securities and or in the creation of financial plans. Investment advisers offer advice to clients for a fee, and the series 66 license will allow you to share in the fees charged by the advisory firm. The vast majority of these fees are charged as a percentage of assets in the client’s account, known as assets under management or AUM. Advisory firms may also charge other fees in the form of hourly fees, subscription fees for news letters or a flat fee for the creation of a financial plan. Regardless of how your advisory firm charges fees, a series 66 license will be required. Your series 66 license will also allow you to function in the capacity of a registered representative of a broker dealer and to earn commissions when executing orders for stock, bonds, ETFs or mutual funds. The series 66 combines the content from the series 63 and series 65 exams and allows the agent to function in a dual capacity.